SPOTLESS PLASTICS (USA), INC.
000 Xxxxx Xxxxxxx, Xxxxx 000
Xxxxxxxxx, Xxx Xxxx 00000
Telephone: 000-000-0000
Facsimile: 000-000-0000
November 4, 0000
Xxxxxxxxx Environmental Group, Inc.
000 Xxxxxxxxxxx Xxxxxx
Xxx Xxxxx, Xxx Xxxx 00000
Re: Loan Facility
Gentlemen:
This letter confirms our agreement that the undersigned hereby extends
to Windswept Environmental Group, Inc., a Delaware corporation (the "Company"),
a loan facility in an amount up to $1,000,000. The Company may draw down on this
loan agreement in whole or in part from time to time. All amounts outstanding
under this loan facility shall be due and payable upon the receipt of any and
all payments made to the Company directly or indirectly by Xxxxxx Construction
Company ("TCC") in connection with services provided by the Company and/or its
wholly owned subsidiary, Trade-Winds Environmental Restoration Inc.
("Trade-Winds") to TCC relating to a remediation project in the Bear Xxxxxxx
Building, located at 000 Xxxxxxxxxx Xxxxxx in New York, New York, evidenced by
an Agreement, by and between TCC and Trade-Winds, dated November 3 , 2000,
attached hereto as Exhibit A. Amounts borrowed under the loan facility will bear
interest at a rate equal to 10% per annum. All loans thereunder will be
evidenced by a promissory note in the form of Exhibit B hereto, and secured by
the collateral as set forth in a security agreement in the form of Exhibit C
hereto.
If the foregoing accurately sets forth our agreement, please sign
where indicated below.
SPOTLESS PLASTICS (USA), INC.
By: /s/ Xxxxxxx X. Xxxxx, Xx.
---------------------------------
Name: Xxxxxxx X. Xxxxx, Xx.
Title: Chief Financial Officer
Accepted and agreed as of the
date first above written:
WINDSWEPT ENVIRONMENTAL GROUP, INC.
By: /s/ Xxxxxxx X'Xxxxxx
-------------------------------------
Xxxxxxx X'Xxxxxx
President and Chief Executive Officer
